DDM Analysis: 7739.T

Valuation Snapshot

Stable Growth	$1,128.62 - $1,602.32	$1,362.08
Multi-Stage	$1,581.68 - $1,734.90	$1,656.82
Blended Fair Value	$1,509.45
Current Price	$2,730.00
Upside	-44.71%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.04%	0.66%	64.94	60.05	54.97	50.03	59.98	79.81	79.93	59.88	59.81	59.83
YoY Growth	-	-	8.14%	9.25%	9.87%	-16.59%	-24.85%	-0.15%	33.48%	0.12%	-0.04%	-1.57%
Dividend Yield	-	-	2.61%	2.56%	2.98%	3.12%	3.48%	5.00%	4.31%	2.53%	3.32%	3.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,918.00
(-) Cash Dividends Paid (M)	1,431.00
(=) Cash Retained (M)	5,487.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,383.60	864.75	518.85
Cash Retained (M)	5,487.00	5,487.00	5,487.00
(-) Cash Required (M)	-1,383.60	-864.75	-518.85
(=) Excess Retained (M)	4,103.40	4,622.25	4,968.15
(/) Shares Outstanding (M)	40.90	40.90	40.90
(=) Excess Retained per Share	100.33	113.02	121.47
LTM Dividend per Share	34.99	34.99	34.99
(+) Excess Retained per Share	100.33	113.02	121.47
(=) Adjusted Dividend	135.32	148.01	156.46
WACC / Discount Rate	10.49%	10.49%	10.49%
Growth Rate	-1.34%	-0.34%	0.66%
Fair Value	$1,128.62	$1,362.08	$1,602.32
Upside / Downside	-58.66%	-50.11%	-41.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,918.00	6,894.73	6,871.54	6,848.43	6,825.40	6,802.44	7,006.51
Payout Ratio	20.69%	34.55%	48.41%	62.27%	76.14%	90.00%	92.50%
Projected Dividends (M)	1,431.00	2,382.00	3,326.59	4,264.80	5,196.65	6,122.19	6,481.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.49%	10.49%	10.49%
Growth Rate	-1.34%	-0.34%	0.66%
Year 1 PV (M)	2,134.16	2,155.79	2,177.42
Year 2 PV (M)	2,670.35	2,724.75	2,779.71
Year 3 PV (M)	3,067.27	3,161.48	3,257.60
Year 4 PV (M)	3,348.59	3,486.42	3,628.47
Year 5 PV (M)	3,534.51	3,717.30	3,907.57
PV of Terminal Value (M)	49,933.66	52,515.98	55,204.04
Equity Value (M)	64,688.53	67,761.72	70,954.81
Shares Outstanding (M)	40.90	40.90	40.90
Fair Value	$1,581.68	$1,656.82	$1,734.90
Upside / Downside	-42.06%	-39.31%	-36.45%

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Financial Statements

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Canon Electronics Inc. (7739.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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